Insignia Financial reports 2Q earnings.Insignia in·sig·ni·a also in·sig·ne n. pl. insignia or in·sig·ni·as 1. A badge of office, rank, membership, or nationality; an emblem. 2. A distinguishing sign. Financial Group, Inc., a leading provider of international real estate and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , reported results from operations for the quarter and the six months ended June 30. For the second quarter of 2002, the company reported income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $3.2 million ($0.12 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share), an improvement from a loss of $1.7 million ($0.09 loss per diluted share) in the second quarter of 2001. The 2001 second quarter results were reduced by $2.6 million of pre-tax losses on Internet-related investments. For the second quarter of 2002, Net EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (1) was $12.3 million ($0.46 per diluted share), up 10% from $11.2 million ($0.44 per diluted share) in the second quarter of 2001. Consistent with the Company's typical seasonal pattern of performance, second quarter 2002 results reflect improvement from the first quarter of this year. In the first quarter 2002, the company reported a loss from continuing operations of $408,000 and Net EBITDA of $6 million. Second quarter 2002 results were highlighted by record performance in the company's residential sales and brokerage unit, Insignia Douglas Elliman, which has benefited from the strong rebound of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of co-op and condo sales market as well as improved market share. In addition, the company's European commercial real estate operations exceeded expectations, fueled by strength in the international property investment market. The company's U.S. commercial real estate services business, Insignia/ESG, posted gains from the first quarter of 2002, but continued to feel softness linked to a persistent economic environment in which corporate clients are hesitant hes·i·tant adj. Inclined or tending to hesitate. hes  i·tant·ly adv. to make real estate
commitments.
"The second quarter brought a modest upturn to our business, consistent with our expected seasonal pattern of performance. We are pleased with this result, and in particular, with the strength exhibited by certain operating divisions," said Andrew L. Farkas, chairman and chief executive officer of Insignia Financial Group. "That said, Insignia's business reflects a balance between a very strong New York residential market and a hesitant environment for commercial real estate services, especially in the U.S. leasing market. Accordingly, we proceed with caution." |
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